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Defined Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2014
Obligations and Funded Status |
(In millions) |  | Pension Benefits |  |  | Postretirement Benefits |
Obligations and Funded Status at December 31 |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Change in the Projected Benefit Obligation (PBO): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 662.3 |  |  | $ | 722.5 |  |  | $ | 34.2 |  |  | $ | 73.3 |
Service cost |  |  | 10.4 |  |  |  | 11.4 |  |  |  | 0.1 |  |  |  | 0.3 |
Interest cost |  |  | 32.9 |  |  |  | 30.1 |  |  |  | 0.8 |  |  |  | 1.7 |
Plan amendments |  |  | — |  |  |  | — |  |  |  | (15.3 | ) |  |  | (34.7 | )
Actuarial loss (gain) |  |  | 133.1 |  |  |  | (73.0 | ) |  |  | 3.9 |  |  |  | (0.3 | )
Participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | 0.5 |
Benefits paid |  |  | (30.1 | ) |  |  | (28.7 | ) |  |  | (4.2 | ) |  |  | (7.0 | )
Medicare Part D reimbursement |  |  | — |  |  |  | — |  |  |  | 0.4 |  |  |  | 0.4 |
Foreign exchange |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | — |
Projected benefit obligation at end of year |  | $ | 808.6 |  |  | $ | 662.3 |  |  | $ | 20.1 |  |  | $ | 34.2 |
Accumulated benefit obligation at end of year (excludes the impact of future compensation increases) |  | $ | 793.2 |  |  | $ | 648.5 |  |  |  |  |  |  |  |  |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 583.8 |  |  | $ | 536.8 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 52.0 |  |  |  | 74.6 |  |  |  | — |  |  |  | — |
Employer contributions |  |  | 2.5 |  |  |  | 1.1 |  |  |  | 3.5 |  |  |  | 6.1 |
Participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | 0.5 |
Medicare Part D reimbursement |  |  | — |  |  |  | — |  |  |  | 0.4 |  |  |  | 0.4 |
Benefits paid |  |  | (30.1 | ) |  |  | (28.7 | ) |  |  | (4.2 | ) |  |  | (7.0 | )
Fair value of plan assets at end of year |  | $ | 608.2 |  |  | $ | 583.8 |  |  | $ | — |  |  | $ | — |
Funded status (Fair value of plan assets less PBO) |  | $ | (200.4 | ) |  | $ | (78.5 | ) |  | $ | (20.1 | ) |  | $ | (34.2 | )
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of:
|  | Pension Benefits |  |  | Postretirement Benefits |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Current benefit payment liability |  | $ | (1.0 | ) |  | $ | (0.8 | ) |  | $ | (2.6 | ) |  | $ | (3.5 | )
Accrued benefit liability |  |  | (199.4 | ) |  |  | (77.7 | ) |  |  | (17.5 | ) |  |  | (30.7 | )
Net amount recognized |  | $ | (200.4 | ) |  | $ | (78.5 | ) |  | $ | (20.1 | ) |  | $ | (34.2 | )
Amounts in Accumulated Other Comprehensive Income that have not yet been Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive income on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost were as follows:
(In millions) |  | Pension Benefits |  |  | Postretirement Benefits |
Net actuarial loss at December 31, 2012 |  | $ | 72.2 |  |  | $ | 4.3 |
Recognition of actuarial gain |  |  | (0.9 | ) |  |  | (4.5 | )
Current year actuarial gain |  |  | (105.6 | ) |  |  | (0.3 | )
Net actuarial gain at December 31, 2013 |  | $ | (34.3 | ) |  | $ | (0.5 | )
Recognition of actuarial gain |  |  | (12.5 | ) |  |  | (1.2 | )
Current year actuarial loss |  |  | 123.3 |  |  |  | 2.9 |
Net actuarial loss at December 31, 2014 |  | $ | 76.5 |  |  | $ | 1.2 |
Net prior service cost (credit) at December 31, 2012 |  | $ | 0.6 |  |  | $ | (26.2 | )
Prior service credit recognition due to plan amendments |  |  | — |  |  |  | (34.7 | )
Amortization |  |  | (0.1 | ) |  |  | 27.4 |
Net prior service cost (credit) at December 31, 2013 |  | $ | 0.5 |  |  | $ | (33.5 | )
Prior service credit recognition due to plan amendments |  |  | — |  |  |  | (15.3 | )
Amortization |  |  | (0.1 | ) |  |  | 27.6 |
Net prior service cost (credit) at December 31, 2014 |  | $ | 0.4 |  |  | $ | (21.2 | )
Total at December 31, 2014 |  | $ | 76.9 |  |  | $ | (20.0 | )
Components of Net Periodic Benefit Cost for Pension and Postretirement Benefits | Components of net periodic benefit cost were as follows:
Components of Net Periodic Benefit Cost |  | Pension Benefits |  |  | Postretirement Benefits |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 10.4 |  |  | $ | 11.4 |  |  | $ | 12.1 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.5 |
Interest cost |  |  | 32.9 |  |  |  | 30.1 |  |  |  | 30.7 |  |  |  | 0.8 |  |  |  | 1.7 |  |  |  | 3.9 |
Expected return on plan assets |  |  | (42.2 | ) |  |  | (41.8 | ) |  |  | (36.8 | ) |  |  | — |  |  |  | — |  |  |  | — |
Recognition of actuarial losses |  |  | 12.5 |  |  |  | 0.8 |  |  |  | 30.6 |  |  |  | 1.2 |  |  |  | 4.4 |  |  |  | 11.6 |
Amortization of prior service cost (credits) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.3 |  |  |  | (27.6 | ) |  |  | (27.4 | ) |  |  | (2.6 | )
Curtailment and settlement losses |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Net periodic benefit cost |  | $ | 13.7 |  |  | $ | 0.7 |  |  | $ | 36.9 |  |  | $ | (25.5 | ) |  | $ | (20.9 | ) |  | $ | 13.4 |
Schedule of Assumptions Used |
Assumptions |  | Pension Benefits |  | Postretirement Benefits
|  | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.2% |  | 5.0% |  |  |  | 3.5% |  | 4.3% |  |
Rate of compensation increase |  | 4.0% |  | 4.0% |  |  |  | — |  | — |  |
Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.0% |  | 4.2% |  | 4.9% |  | 4.3% |  | 3.7% |  | 4.6%
Expected long-term rate of return on plan assets |  | 7.4% |  | 7.8% |  | 7.8% |  | — |  | — |  | —
Rate of compensation increase |  | 4.0% |  | 4.0% |  | 4.0% |  | — |  | — |  | —
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost |
|  | Postretirement Benefits |
|  | 2014 |  |  | 2013 |
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost at December 31: |  |  |  |  |  |  |  |
Health care cost trend rate assumed for next year |  |  | 7.6/7.5 | %(a) |  |  | 7.1/7.5 | %(a)
Rate that the cost trend rate is assumed to decline (the ultimate trend rate) |  |  | 4.5 | % |  |  | 4.5 | %
Year that the rate reaches the ultimate trend rate |  |  | 2022 |  |  |  | 2022 |
(a) | The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate.
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects:
(In millions) |  | 1-Percentage- Point Increase |  |  | 1-Percentage- Point Decrease |
Effect on total of service and interest cost |  | $ | 0.1 |  |  | $ | (0.1 | )
Effect on postretirement benefit obligation |  |  | 1.4 |  |  |  | (1.6 | )
Pension Assets by Major Category of Plan Assets and Type of Fair Value Measurement | Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2014 were as follows:
(In millions) |  | Total as of balance sheet date |  |  | Level 2 – Significant other observable inputs |  |  | Level 3 – Significant unobservable inputs |
Group annuity/insurance contracts |  | $ | 21.8 |  |  | $ | — |  |  | $ | 21.8 |
Commingled funds: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 9.1 |  |  |  | 9.1 |  |  |  | — |
Equity |  |  | 282.6 |  |  |  | 282.6 |  |  |  | — |
Fixed income |  |  | 248.0 |  |  |  | 248.0 |  |  |  | — |
Multi-strategy hedge funds |  |  | 21.6 |  |  |  | — |  |  |  | 21.6 |
Real estate |  |  | 25.1 |  |  |  | — |  |  |  | 25.1 |
Total |  | $ | 608.2 |  |  | $ | 539.7 |  |  | $ | 68.5 |
Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2013 were as follows:
(In millions) |  | Total as of balance sheet date |  |  | Level 2 – Significant other observable inputs |  |  | Level 3 – Significant unobservable inputs |
Group annuity/insurance contracts |  | $ | 21.2 |  |  | $ | — |  |  | $ | 21.2 |
Commingled funds: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 8.1 |  |  |  | 8.1 |  |  |  | — |
Equity |  |  | 278.6 |  |  |  | 278.6 |  |  |  | — |
Fixed income |  |  | 232.6 |  |  |  | 232.6 |  |  |  | — |
Multi-strategy hedge funds |  |  | 20.5 |  |  |  | — |  |  |  | 20.5 |
Real estate |  |  | 22.8 |  |  |  | — |  |  |  | 22.8 |
Total |  | $ | 583.8 |  |  | $ | 519.3 |  |  | $ | 64.5 |
Reconciliation of Level Three Measurements | A reconciliation of Level 3 measurements as of December 31, 2014 was as follows:
|  |  |  |  | Commingled Funds |  |  |  |
(In millions) |  | Group annuity/ insurance contracts |  |  | Multi-strategy hedge funds |  |  | Real estate |  |  | Total |
January 1, 2014 |  | $ | 21.2 |  |  | $ | 20.5 |  |  | $ | 22.8 |  |  | $ | 64.5 |
Actual return on assets related to assets still held |  |  | 0.6 |  |  |  | 1.1 |  |  |  | 2.3 |  |  |  | 4.0 |
December 31, 2014 |  | $ | 21.8 |  |  | $ | 21.6 |  |  | $ | 25.1 |  |  | $ | 68.5 |
A reconciliation of Level 3 measurements as of December 31, 2013 was as follows:
|  |  |  |  | Commingled Funds |  |  |  |
(In millions) |  | Group annuity/ insurance contracts |  |  | Multi-strategy hedge funds |  |  | Real estate |  |  | Total |
January 1, 2013 |  | $ | 20.6 |  |  | $ | 18.8 |  |  | $ | 24.4 |  |  | $ | 63.8 |
Actual return on assets related to assets still held |  |  | 0.6 |  |  |  | 1.7 |  |  |  | 3.4 |  |  |  | 5.7 |
Purchases, sales and settlements |  |  | — |  |  |  | — |  |  |  | (5.0 | ) |  |  | (5.0 | )
December 31, 2013 |  | $ | 21.2 |  |  | $ | 20.5 |  |  | $ | 22.8 |  |  | $ | 64.5 |
Schedule of Expected Benefit Payments | The following retirement benefit payments are expected to be paid:
(In millions) |  | Pension Benefits |  |  | Postretirement Benefits |
2015 |  | $ | 32.7 |  |  | $ | 2.5 |
2016 |  |  | 34.7 |  |  |  | 2.4 |
2017 |  |  | 36.3 |  |  |  | 1.2 |
2018 |  |  | 38.0 |  |  |  | 1.2 |
2019 |  |  | 39.9 |  |  |  | 1.2 |
Years 2020-2024 |  |  | 221.8 |  |  |  | 5.3 |

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